Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
WTW options intelligence
Willis Towers Watson PLC options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
35
Market data through 30 Jul 2026
Checked 31 Jul 2026 03:50 · complete available chain
Call-side pressure
Bullish pressure
WTW currently carries bullish options pressure with a 35/100 conviction score. The nearest-chain expected move is 13.3%, with volume/open-interest participation at 0.01.
Expected move
13.3%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.38
Call-side skew
Trend fit
18
Options are not fully confirming trend
Weekly backdrop
+0.6%
RS -11.8
Expected move
13.3%
Put-call volume
0.38
Volume / OI
0.01
Reference IV
0.30
Max pain
320.00
Underlying
295.11
Nearest expiry
21 Aug 2026
Contracts
260
Research Brief
WTW has a bullish chain read with 35/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 255.86–334.36; The largest call open-interest concentration is 320.00; the largest put concentration is 320.00. The most active strike by current volume is 300.00.
Priced range255.86–334.36
Call concentration320.00
Put concentration320.00
Max pain reference320.00
- Price holds or improves while call-side concentration remains elevated.
- Price weakens while call pressure fades or reverses toward puts.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 255.86 to 334.36. Max pain at 320.00 sits inside that range, 8.4% above spot.
Spot
Max pain
255.86295.11 ± 39.25334.36
Confirmation level
A close beyond 334.36 or below 255.86 at the 21 Aug expiry would exceed the move currently priced by this chain.
Important limitation
The range is a pricing reference, not a forecast; volatility can reprice sharply after news or as expiry approaches.
Score Construction
Why conviction is 35/100
Pressure is 45/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure45 × 42%
+19.1
How strongly activity leans toward calls or puts.
Participation24 × 22%
+5.3
Volume relative to existing open interest and contract-level activity.
Trend agreement18 × 26%
+4.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility61 × 10%
+6.1
The intensity of implied volatility and the priced move.
Positioning by Strike
Where open interest and current activity concentrate
The largest call open-interest concentration is 320.00; the largest put concentration is 320.00. The most active strike by current volume is 300.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
190.00-35.6%
0
1
200.00-32.2%
0
1
220.00-25.5%
0
14
230.00-22.1%
0
3
240.00-18.7%
0
1
250.00-15.3%
0
1
260.00-11.9%
1
5
270.00-8.5%
0
2
280.00-5.1%
2
21
290.00-1.7%
1
20
300.001.7%
11
1
310.005.0%
3
31
320.008.4%
22
0
330.0011.8%
11
0
340.0015.2%
1
0
350.0018.6%
1
0
370.0025.4%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.30
21 Aug
22d
0.30
18 Sep
50d
0.31
16 Oct
78d
0.31
15 Jan
169d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
240
250
260
270
280
290
300
310
320
330
340
350
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 21 Aug 2026; its result will appear after the matched closing reference is stored.
Directional follow-through-
Moves contained by pricing-
Average expiry move-
Validation readiness
- Versioned calculationv2 observations only
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. It is an evidence audit, not an executable strategy or evidence of future performance.
Evidence Quality
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 30 Jul 2026
- Calculation
- v2.0
- Contracts
- 260 / 260
- No material coverage gap was detected in the retained chain.
Aggregate chain data supports concentration, participation and pricing analysis. It does not identify trade aggressor, opening versus closing activity, multi-leg intent or dealer inventory.
Options Intent Radar
Short-dated OTM call concentration
Call activity is concentrated in upside and shorter-dated contracts; trade direction remains unconfirmed without aggressor data.
Call-side pressure is building before a meaningful weekly price response.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $39238 of estimated gross traded notional, puts · 91+ days · itm, and a bullish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+45
1W price+0.6%
Call premium62%
Put premium38%
Notional split
C 62% / P 38%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.01
Volume divided by open interest across the visible chain.
Trend fit
18/100
Agreement between options pressure and Sharemaestro market context.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Puts · 91+ days · ITM
puts cluster with 1 contracts traded, $10415 estimated gross traded notional, and 27% of visible notional.
$10415
Calls · 91+ days · ATM
calls cluster with 2 contracts traded, $10150 estimated gross traded notional, and 26% of visible notional.
$10150
Calls · 8-21 days · ATM
calls cluster with 2 contracts traded, $7550 estimated gross traded notional, and 19% of visible notional.
$7550
Puts · 8-21 days · ITM
puts cluster with 2 contracts traded, $3715 estimated gross traded notional, and 9% of visible notional.
$3715
Calls · 8-21 days · OTM
calls cluster with 6 contracts traded, $3368 estimated gross traded notional, and 9% of visible notional.
$3368
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
Activity Anomaly
Warming up
2 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 2 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close295.11
1W+0.6%
RS-11.8
Fair value+4.5%
Options pressure45
Speculation24
Volatility61
Trend fit18
Today Versus Normal
Stored-options context
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:16
Bearish
Pressure -18
Move 9.9%
30 Jul 10:12
Bearish
Pressure -28
Move 9.8%
31 Jul 02:50
Bullish
Pressure 45
Move 13.3%
Strike Map
Where activity is clustering
Strike160.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike165.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike170.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike175.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike180.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike185.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike190.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike195.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts56
Avg IV0.30
Put-call0.38
Expiry18 Sep 2026
Contracts58
Avg IV0.30
Put-call-
Expiry16 Oct 2026
Contracts72
Avg IV0.31
Put-call1.00
Expiry15 Jan 2027
Contracts74
Avg IV0.31
Put-call0.50
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.28
Put IV0.21
Skew-0.07
18 Sep 2026Put IV premium
Call IV0.27
Put IV0.33
Skew0.06
16 Oct 2026Put IV premium
Call IV0.26
Put IV0.34
Skew0.08
15 Jan 2027Balanced skew
Call IV0.27
Put IV0.32
Skew0.05
Contract Tape
Most active contracts
ContractWTW260821C00340000
SideCall
Expiry21 Aug 2026
Strike340.00
Volume3
OI1
IV0.26
ContractWTW260821C00350000
SideCall
Expiry21 Aug 2026
Strike350.00
Volume3
OI1
IV0.28
ContractWTW270115C00300000
SideCall
Expiry15 Jan 2027
Strike300.00
Volume2
OI24
IV0.30
ContractWTW260821C00300000
SideCall
Expiry21 Aug 2026
Strike300.00
Volume2
OI11
IV0.35
ContractWTW260821P00300000
SidePut
Expiry21 Aug 2026
Strike300.00
Volume1
OI20
IV0.17
ContractWTW261016C00330000
SideCall
Expiry16 Oct 2026
Strike330.00
Volume1
OI2
IV0.27
ContractWTW261016P00300000
SidePut
Expiry16 Oct 2026
Strike300.00
Volume1
OI1
IV0.32
ContractWTW260821P00310000
SidePut
Expiry21 Aug 2026
Strike310.00
Volume1
OI1
IV0.36
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
No recent market-watch posts yet.
Earnings
No upcoming matched earnings event.
Plain English Guide
Options context
What usually looks constructive
What usually looks cautious
Options can move quickly and can lose value fast. Treat this as research context, not a buy or sell instruction.